Moody’s Investors Service downgraded its general obligation bond rating on Dover, N.H., to Aa3 from Aa2, affecting $93.7 million of outstanding debt.
The move reflects the city’s relatively modest financial position and expectation that reserves will not improve significantly over the near term, given a combination of revenue-constraining local tax-levy cap, slower economic growth and rising fixed-cost pressures related to pensions and other post-employment benefits.
Democratic Gov. Laura Kelly nixed another tax cut bill passed by the Republican-led legislature this year, while pushing a less-costly plan.
It's a big week for the Fortress-backed train company, which refinanced more than $4 billion of debt and broke ground on its West Coast high-speed line.
Photos from The Bond Buyer's Texas Public Finance conference.
The Mayo Clinic is undertaking a $5 billion expansion that may bring new debt as it reconstructs its core Rochester, Minnesota campus.
"Just like the ATM became an additional transaction channel in the banking industry, I believe distributed ledger technology will provide municipal issuers with a similarly valued tool to sell their bonds," said Rick Coscia, Quincy's Strategic Asset Manager.
"Each party in this deal benefits in some way," said Seema Mohanty, founder of Mohanty Gargiulo.
